TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.
PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also now under development in Farmington. National Healthcare Development is currently working on additional nursing facilities for Welbrook in Arizona and Colorado.
PHOENIX — PetSmart has opened its 1,600th store in North America. The newest store opened Thanksgiving week in El Paso, Texas. In addition, the pet specialty retailer opened its Casper, Wyo., store in October, marking PetSmart’s presence now in all 50 U.S. states. The store in El Paso features nearly 18,000 square feet of space and includes a Pinnacle Pet Nutrition Shop, which is a new feature in all new PetSmart stores. The shops are about 550 square feet and offer 400-plus items across several brands, and an expanded collection of pet food. PetSmart, Inc. is specialty pet retailer. The company operates more than 1,500 pet stores in the United States, Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel dog and cat boarding facilities.
PASADENA, TEXAS — A joint venture between Valero Energy Corp. and Magellan Midstream Partners has started construction of Phase I of an $820 million marine storage facility located along the Houston Ship Channel in Pasadena. The facility will handle petroleum products including multiple grades of gasoline, diesel and jet fuel, as well as renewable fuels. Phase I of the development will include 1 million barrels of storage and a new marine dock capable of handling Panamax-sized ships or barges with up to a 40-foot draft. Phase II of the development will expand the property to include 4 million barrels of storage, a three-bay truck rack and a second marine dock capable of handling Aframax-sized vessels with up to a 45-foot draft. If warranted by additional demand, the property offers a third expansion option to include an incremental 5 million barrels of storage, another three docks and expanded truck-loading capacity for a maximum footprint of up to 10 million barrels of total storage and up to five docks. At completion, the facility will be connected via pipeline to Valero refineries in Houston and Texas City. The property will also link to the Colonial and Explorer pipelines, as well as Magellan’s Galena Park terminal facility. A limited liability …
ATLANTA — The amenities arms race is still in full swing. During the architecture and design panel at the eighth annual InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, industry experts discussed how they design today’s multifamily projects with large-scale, luxury amenities in mind. The conference drew 402 multifamily professionals. “There’s so much competition in this space and amenities are really the differentiating factor for all these projects,” said Brad Lutz, director of business development for Dallas-based Humphreys & Partners Architects. “With this shift from homeownership to renting, you have to provide something that’s going to not only attract renters, but retain them long-term.” Joining Lutz on the panel was JoAnn McInnis, vice president of client services and business development at Virginia-based Carlyn & Co. Interiors + Design; B.J. Laterveer, director of the multifamily housing studio at Alpharetta, Georgia-based Wakefield Beasley & Associates; and Les Juneau, president of Atlanta-based Juneau Construction Co. Cannon Reynolds, managing director of architecture for Atlanta-based Niles Bolton Associates, moderated the panel. Both millennials and empty nesters are driving demand for apartment space as they continue to forego homeownership. The U.S. homeownership rate was 63.9 percent in the third quarter of …
HOUSTON — HFF has arranged the sale of Houston Center, a 4.2 million-square-foot mixed-use property located near Toyota Center and Minute Maid Park in downtown Houston. The four-building property consists of three high-rise office towers and one 16-story office building situated atop of 196,000 square feet of retail space. The asset spans 9.2 acres and was 72 percent leased at the time of sale. Houston Center offers tenants several casual and fine-dining restaurants, a fitness club and a healthcare facility. Jeff Hollinden, Scott Galloway, Mark Gibson and Trent Agnew of HFF represented the seller, a group of institutional investors advised by J.P. Morgan Asset Management, in the transaction. Bermuda-based Brookfield Property Partners purchased the asset for an undisclosed price. Transwestern has been retained to handle leasing of the property.
SAN ANTONIO — Houston-based multifamily developer Falcon Group will develop a 312-unit apartment community that will be situated within the master-planned community of Briggs Ranch in San Antonio. Designed by Meeks + Partners, the property will consist of 14 three-story buildings with one-, two- and three-bedroom units ranging in size from 736 to 1,411 square feet. Amenities will include a pool, pet park, fitness center, business center, chef kitchen with cooking classes, a media room with a theater and a resident lounge with workspaces. The groundbreaking is slated for the first quarter of 2018 with a targeted completion date of summer 2019.
SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.
DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.